Neuberger Berman Fund Buys Piece Of MKP

Jan 9 2013 | 1:29pm ET

Neuberger Berman Group's private equity fund of hedge fund managers has made its third investment in less than a month.

Dyal Capital Partners, which closed in December with $1.28 billion in commitments, has bought a minority stake in MKP Capital Management. The deal follows similar agreements with Pinnacle Asset Management last month and Scopia Fund Management earlier this month.

Terms of the agreement with MKP, which has $6.8 billion in assets under management, were not disclosed. As with its other partners, Dyal will be a passive investor and MKP's leadership and investment processes will remain unchanged. MKP will invest the proceeds from the stake sale in its funds.

New York-based MKP, which focuses on global macro, structured credit and relative value strategies, is the fifth hedge fund manager in Dyal's stable. Neuberger Berman set up the fund in 2010 to acquire stakes in established hedge fund managers; it said when it closed the fund in December that it expected to finalize several deals within a few months and that it eventually plans to invest in between 12 and 15 managers.

Prior to its recent buying spree, Dyal had taken minority stakes in Paris-based Capital Fund Management last December and Mast Capital Management in July.


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